New initiative helps minority-owned small businesses in Fort Myers

In Fort Myers, a new business is being developed nearly everywhere you turn.

The list goes on, from restaurants to jewelry stores and antique shops. However, some people say there is a lack of minority businesses in our area.

Julian Wyatt, director of the Community Development Financial Institute (CDFI) program, wants to change that.

“Our goal is to propel entrepreneurs and business owners to what we refer to as prosperity, economic liberation,” said Wyatt. “For the last six months, our team has been really intentional about reaching the business owners here in Fort Myers who can really use the capital that we have available for them.”

The initiative is a joint effort between Urban Strategies, inc. and the Truist Foundation.

Truist Foundation provided a $1.5 million grant to Urban Strategies Inc. (USI), a national nonprofit that focuses on the design and implementation of human capital development strategies in communities undergoing physical revitalization across the U.S. 

USI will use the funding to support its community development financial institution (CDFI) in establishing a bridge to capital and wealth creation for women, Black, Latino and Indigenous-owned small businesses.  

Through the CDFI program, they’ve created an equitable loan fund to help bridge the gap for small minority businesses.

“If it was a startup or a business that’s been operating for five years, they all said they have problems accessing capital, So we are removing that barrier to make sure that we’re leveling the playing field,” said Wyatt.

One of the applicants who received a loan from this initiative is Khandyce Mosely, owner and CEO of Balosi LLC, a wine and spirits business.

“I thank God I was fortunate to find this organization that helped me through the process in order for us to be successful,” said Mosely.

Mosely said the journey to start her business wasn’t easy as she endured many roadblocks to get her business started.

“There were times when I was crying and didn’t know which way to go,” said Mosely. “It is very hard this day and age without making sure your paperwork is correct, making sure you have enough assets to probably try to get a loan or grant in order to fund your business.”

Through faith, support and vision, Mosely refused to give up on her business.

“Find someone who believes in you. And just take that leap of faith,” said Mosely. “There were times when my faith was shaken, but I took that leap of faith.”

Mosely highly credits her family and mentor, Peter, for getting her through the incubator program offered at the Southwest Florida Enterprise Center.

The program helps to equip business owners to receive the right amount of capital to keep their business sustained.

Mosely was one of the lucky applicants to receive a $15,000 loan through the new initiative.

Mosely said this loan will help to further expand her business and help her bridge the wage and racial gap.

“One of the biggest things is having a seat at this table, where it’s very culturally starting to get culturally diverse. Well, back then, it wasn’t,” said Mosely. “I will want to own my own building and be able to help other businesses that want to get in this business as well.”

Organizers gathered Wednesday evening until 7:30 p.m. to meet and greet potential clients and business owners.

To learn more about how USI CDFI Business fund program, click here.